Exit Strategy
joew413 wrote:What are the best 3rd party agencies to help eliminate my Welk contract entirely?
There are NO third party "exit / relief / escape / rescue" entities with the magical powers to unilaterally terminate a legal, contractual obligation. None. There is no "best" --- they are all utterly worthless.
Have you tried to give away the ownership (on TUG or RedWeek)? Have you inquired into "deedback" directly with the resort? Have you made any other effort to part company with this?
You cannot escape a legal and contractual obligation by merely writing a check (or providing your credit card information) to a third party not associated with the contract. There is an old saying that "a fool and his money are soon parted". Please don't be still another person proving the old saying to be true. Do not pay one penny to any of the (far too many) "exit" parasite operations out there. If you do, you will only be providing further evidence that the old saying is true --- and you will still own the unwanted timeshare despite having wasted your money.
KC
Last edited by ken1193 on Feb 08, 2020 05:58 AM
We have contacted the necessary people at Welk to see if there is a way out, to no avail. I'm not familiar with "deedback", can you elaborate? We have looked at a couple of those "we buy and sell timeshare" sites. I cannot find evidence supporting or denying their success. We realize we made an irresponsible decision and are now realizing that we are in a hole and are reaching for a lifeline. I dont want to make another irresponsible decision. That is why I'm here, just trying to get some helpful feedback. Thank you.
Joe W.
joew413 wrote:We have contacted the necessary people at Welk to see if there is a way out, to no avail. I'm not familiar with "deedback", can you elaborate? We have looked at a couple of those "we buy and sell timeshare" sites. I cannot find evidence supporting or denying their success. We realize we made an irresponsible decision and are now realizing that we are in a hole and are reaching for a lifeline. I dont want to make another irresponsible decision. That is why I'm here, just trying to get some helpful feedback. Thank you.
"Deedback" is when a resort agrees (and yes, they must overtly agree) to voluntarily take back a deeded ownership, usually via quitclaim deed (and usually for a fee of at least several hundred dollars). Not all resorts engage in this practice; only a fraction actually do so. For those resorts or resort "chains" that do accept "deedbacks", maintenance fees must first be fully paid up to date and there must be no unpaid loan balance associated with the interval. It seems that you may actually have already inquired into this option with the resort, perhaps only to learn that it is not an option available to you.
The (far too many) upfront fee "escape / relief / exit / release" parasites exist only to take money from people desperate to part with unwanted timeshare(s). Please don't let a frustrated or desperate state of mind cloud your judgement (...and lighten your wallet even further).
Plainly and bluntly stated, there is no easy way out. And by the way, no parasitic outfit like "Sell My Timeshare Now" is going to work either; they would merely place an overpriced listing on the web after you pay a hefty "upfront" fee, said listing ultimately yielding only "crickets".
Worst case scenario, you can decide to stop paying any further maintenance fees and just walk away. There will be a foreclosure and, if you also default on an associated loan, a negative credit report as well. That's a difficult decision, but it is yours and yours alone to make. The negative credit report "hit" will last for 7 years. In the meantime, please just continually remind yourself that anyone promising you an "exit" (after you pay them some upfront money, of course) is NEVER going to accomplish anything more than make your bank account shrink. Again, there are simply no magic beans, no secret exit doors. You freely and voluntarily entered into a legal, contractual arrangement and the hard fact of the matter is that any breach of a lawful contract you freely and voluntarily executed likely comes with consequences.
I feel for your plight, but cannot offer any "pie in the sky" false hopes. If you can't give the unwanted ownership away to a willing new "grantee", then you are squarely between a rock and a hard place with some difficult decisions to make. NONE of those decisions should involve considering paying ANY upfront money to ANY third party "exit" parasite; this will inevitably yield only total disappointment and a total waste of money to have learned that fact the hard way.
Every word above is true and accurate. There are NO magical elixirs or secret doors by which to "exit" a contractual obligation --- period, amen. I wish you the best, but "easy outs" simply do not exist, as much as you might hope or want for things to somehow be otherwise. Good luck.
KC
Last edited by ken1193 on Feb 09, 2020 06:09 AM
KC and Lance are spot on. No one ever buys a timeshare thinking that it will be worth nothing in a month. To verify what they said, go to Ebay and look up "Timeshares for sale." Ebay is the final say on timeshare values. Most of the product is sold for $1.00 or given away with incentives. And those timeshare are "paid for." The listing sites show "I wish" prices, which never materialize. The big listing fee is why the site owners ply their trade. They don't care about results - only listings. If you resign yourself to keeping your timeshare, there is no better site than www.tug2.com to learn how to use it. Many people bought retail timeshares and learned what you learned - then bought resale points to make it work. It costs nothing to post on Tug, but $15/year to check listings and transact business.
John I.
johni116 wrote:To verify what they said, go to Ebay and look up "Timeshares for sale." Ebay is the final say on timeshare values. Most of the product is sold for $1.00 or given away with incentives. And those timeshare are "paid for." The listing sites show "I wish" prices, which never materialize.
Yes, that is true, but Joe W.'s question was about companies that "eliminate" or "cancel" timeshare contracts, not ones who sell. From his post, it appears that Joe realizes that his unit is worth nothing and is not fantasizing about getting mega-bucks for the sale of the unit.
So whether an owner is looking to sell or just get rid of a unit, the rule remains: Never, ever pay anyone a large, upfront fee to sell, rent out, market, or "cancel" your timeshare.
Lance C.
joew413 wrote:...we do still owe a considerable amount on the mortgage alone
If that's the case, then nobody is going to want to take on your unit with a mortgage/All owing. Your first step is to pay off the mortgage. However, if you feel that what you have left owing is a lot more than what your unit is worth, then your other option, as unpalatable as it may seem, would be to default on the mortgage and let your unit go into foreclosure.
You will probably face a bunch of collection calls and letters. You will probably face a ding on your credit score or rating, but at least you won't be sinking any more money into this money pit. All that being said, whatever you do, do not go contacting any of these companies, alleged law firms, or charities that claim they can "cancel" your mortgage or timeshare.
Lance C.